Lender Draw Schedule Builder and Draw Tracking
planned
Dave Robertson
Problem:
House flippers relying on hard money lenders often face a cumbersome process when requesting loan draws. Lenders typically require detailed expense lists, receipt backups, and proof of completed work (photos). Currently, users must manually compile this information, leading to time-consuming administrative tasks and potential delays in receiving funds.
Solution:
We propose integrating a 'Loan Draw Tracker' directly into FlipperForce's Expense Tracker. This feature will allow users to easily tag individual expenses to specific draw requests (e.g., Draw #1, Draw #2). Upon tagging, the system will automatically generate a comprehensive report that includes:
- A detailed list of tagged expenses.
- Associated receipt images.
- An option to upload photos demonstrating completed work.
Additionally, a dedicated 'Draw Dashboard' will provide an overview of:
- The original budget for each draw.
- The total amount spent to date.
- The amount drawn to date.
- The remaining balance for each draw.
This dashboard will offer real-time visibility into the loan draw process, enabling users to track their progress and manage their finances more effectively.
Benefits:
- Simplified Draw Requests: Generate lender-ready reports with just a few clicks.
- Faster Reimbursements: Streamline the documentation process, reducing delays in receiving funds.
- Improved Financial Tracking: Gain real-time insights into draw progress and budget adherence.
- Enhanced Lender Communication: Provide clear and organized documentation to build trust and transparency.
- Better project financial oversight: by keeping track of the budget, spending and remaining funds.
Dave Robertson
We are currently making improvements to our Expense Tracker feature, and we are wanting to add a new "Draw" column which you can use to tag individual expenses to a Draw # to create a draw request and track what items have been reimbursed.
This information will create a Draw Request report where there will be a list of expenses, receipt backup and potentially even photo uploads.
This will provide a lender everything they need to provide proof of work completed, so you can get your draws as quickly as possible.
Dave Robertson
We are currently making improvements to our Expense Tracker feature, and we are wanting to add a new "Draw" column which you can use to tag individual expenses to a Draw # to create a draw request and track what items have been reimbursed.
This information will create a Draw Request report where there will be a list of expenses, receipt backup and potentially even photo uploads.
This will provide a lender everything they need to provide proof of work completed, so you can get your draws as quickly as possible.
T
Trevor Wilcox
Is there any update on the progress of this? This would be super helpful
B
Brad Holcman
This would be super helpful. And agree with Manolo - calculating interest on HML''s for me is when I draw the simple interest only starts.
Dave Robertson
planned
Manolo Diaz-Marta
Any tools to integrate with HML processes would be very helpful! From calculating interest with their various fee structures, to simplifying the Draw Process.